Vita Food Products to voluntarily delist shares from Amex

Company believes move 'will result in significant reductions' in expenses

(Crain's) -- Chicago-based Vita Food Products Inc. said Monday that it plans to delist its shares from the American Stock Exchange near the end of the month.

After delisting from Amex, the company expects its shares to be quoted on the over-the-counter Pink Sheets, according to a statement. It will no longer file financial reports with the Securities and Exchange Commission, it said.

Best known for its kosher products, including cured herring, Vita cited rising costs of compliance and the administrative burdens associated with being a public company for its decision.

Vita "believes that deregistering will result in significant reductions in our accounting, legal and administrative expenses . . . and enable our management to focus all of its time and resources on operating the company," CEO Cliff Bolen said in the statement.

In August, Vita announced plans to delist from the Chicago Stock Exchange.

Through the first six months of the year, Vita reported net income of $214,000 on sales of $24.5 million. Compared with the same period a year earlier, net income tripled while sales were essentially flat.

The company has been stung by higher energy costs that have made it more expensive to harvest herring and salmon.